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The Consumer Finance Protection Bureau (CFPB), an independent bureau within the Federal Reserve System, oversees various consumer financial products and services under federal consumer finance laws and regulations. The CFPB was created pursuant to federal mandate via Dodd-Frank Wall Street Reform and Consumer Protection Act. In general, the CFPB regulates credit cards, mortgages, bank accounts and services, credit reporting, debt collections and money transfers. Recently the CFPB has issued mandatory changes pursuant to its Final Rule (also know as the TILA-RESPA Intergrated Mortgage Disclosures Rule), which will impact the mortgage loan process. Effective October 3, 2015, consumers who apply for a mortgage loan governed by the Final Rule must be in receipt of the new Closing Disclosure form at least three business days prior to consummation of the transaction. The Closing Disclosure form will replace the current HUD-1 Settlement Statement and Truth-in-Lending Disclosure which have been separate forms utilized in the loan closing process prior to the effective date of the new Final Rule.

Overall, the Final Rule will be creating two new disclosure forms: (1) Loan Estimate and (2) Closing Disclosure. Also, the new rule will be requiring the implementation of new time frames for receipt by the consumer as it pertains to both disclosure forms.

To sum it up, the CFPB wants consumers to be more knowledgable about the mortgage loan process. To achieve this goal, the new forms and the required time frames to review such disclosures will give consumers more time to review their transaction prior to closing.

As as title and settlement service provider, we at Pro Forma Title, Inc., are taking diligent measures to implement and obtain compliance with the American Land Title Association (ALTA) Best Practices in order to demonstrate our qualification to continue doing business under the new regulations.

For additional details and related articles:
Consumer Finance


Our mission at Pro Forma Title Inc, is to be excellent and exceed the expectations of our customer's and affiliates in the areas of Title Search, Title Insurance and Closing Services, which will produce loyalty and uphold our longevity. We strive to outperform in our due diligence by offering superior service and dependability that will bring value to our customers.


  • Consumer Finance
  • Consumer Finance Protection Bureau